According to online reports, Joe Burnett, director of strategy at Bitcoin treasury company Semler Scientific, wrote on platform X that the market is currently at the end of what Ray Dalio called the long-term debt cycle, which means that stocks are being bid to extreme valuations and real estate is being competed to raise valuations., fixed-income products are also at extreme valuation levels. The end result of the long-term debt cycle is the devaluation of the fiat currency. The only export is hard currency. Gold was the hardest currency in the past, Bitcoin is the hardest currency now, and Bitcoin could completely destroy all asset classes.